Law 163 Compliance Report

On December 25, 2013, the Governor of Puerto Rico signed into law Act 163- 2013, known as the Act of Effective Mechanisms for Tax Fiscalization (“Act 163- 2013”), with the purpose of modifying the content of supplemental information to be included in the Financial Statements required to be filed for income, personal property, and volume of business tax purposes, among other amendments to the PR Internal Revenue Code of 2011 (“Code”). Pursuant to Act 163-2013 provisions, statutory Audited Financial Statements will now have to include certain additional information: the type of additional information will depend on the type of return the financial statement is meant to tie to.